Liberty Gold Corp · TSX:LGD
Liberty Gold — Investor Presentation (September 2026)
23 slides from Liberty Gold's investor presentation, September 2026
Slide 1: Disciplined Development of Great Basin Oxide Gold
Disciplined Development of Great Basin Oxide Gold TSX LGD OTCQX LGDTF September 2026
Slide 2: Cautionary Notes & Technical Disclosures
Cautionary Notes & Technical Disclosures All statements in this presentation, other than statements of historical fact, are "forward-looking information" and “forward-looking statementsˮ with respect to Liberty Peter Shabestari, CPG, Vice President of Exploration, Liberty Gold and Qualified Person u
Slide 3: Company Highlights
Company Highlights Black Pine Gold Project A Large -Scale, Buildable Gold Asset Southeastern Idaho • 100%-owned Black Pine Gold Project with Past-producing, open-pit, heap-leach 4.9 Moz Indicated oxide gold resource1 oxide gold project 1 and further resource growth potential 2026 Feasibility Study
Slide 4: Large-Scale Oxide Heap-Leach Project with Defined Path to Development
Black Pine Gold Project Large-Scale Oxide Heap-Leach Project with Defined Path to Development Strong Economics & Straightforward Jurisdiction & Permitting Development Profile Project Design Advantages Benefits from low capital Open-pit, run-of-mine Located in Idaho with strong intensity and operatin
Slide 5: 2026 Feasibility Study
Black Pine Gold Project 2026 Feasibility Study (1) Large-scale, low capital intensity, open-pit, run-of-mine heap-leach project Robust project economics provide significant leverage to the gold price 202 koz 16 yrs 4.04 Moz $1,566/oz Years 15 177 koz LOM Average LOM Average MINE LIFE PROBABLE MINER
Slide 6: 2026 Feasibility Study Site Layout
Black Pine Gold Project 2026 Feasibility Study Site Layout The Feasibility Study does not replace the MPO that forms the basis for permit applications currently under review by the applicable regulatory agencies. L I B ER T YG O L D . CA T SX L G D O T CQ X L G D T F 6
Slide 7: Preliminary Feasibility to Feasibility Progression
Black Pine Gold Project Preliminary Feasibility to Feasibility Progression 2024 PFS RESERV E 2026 FEASIBILITY RESERV E 3.11 Moz Gold Probable Mineral Reserves @ $1,650/oz Au1 4.04 Moz Gold Probable Mineral Reserves @ $2,250/oz Au1 2024 PFS RESOURCE 2026 FEASIBILITY RESOURCE 4.16 4.93 Indicated Miner
Slide 8: Post-Feasibility Program Advancing Resource Conversion and Growth
Black Pine Gold Project Post-Feasibility Program Advancing Resource Conversion and Growth Post-Feasibility Execution • 50,000 metres drill program underway • Infill drilling targeting conversion of Indicated resources to Measured classification in the early mine plan • Mine sequencing optimization
Slide 9: Corporate Catalysts
Corporate Catalysts Black Pine, Idaho H2 2026 | Optimization & Engineering • Metallurgical results validating recovery assumptions • Drill results supporting resource conversion and growth • Detailed engineering and long-lead vendor selection 2027 | Permitting & Project Definition 1 • Draft EIS targ
Slide 10: Coordinated Permitting Framework
Black Pine Gold Project Coordinated Permitting Framework Federal | FAST41 Review • FAST41 Covered Project1 with U.S. Forest Service as lead agency • Permitting schedule publicly available on the Federal Permitting Dashboard • Notice of Intent NOI) published; EIS process underway State | Alignment
Slide 11: Defined Pathway through Permitting and Construction Readiness
Black Pine Gold Project Defined Pathway through Permitting and Construction Readiness Engineering Federal Permitting State Permitting Community & Stakeholder Engagement Note: Timeline is indicative and is subject to change Federal and state permitting and engineering activities progressing in parall
Slide 12: Capital Structure: Institutional Ownership and Near-Term Liquidity
Capital Structure Institutional Ownership and Near-Term Liquidity Capital Structure & Liquidity Key Shareholders2 Centerra Gold 9.9% Shares Outstanding 549.0M VanEck Associates 9.7% Options 16.3M Franklin Advisers 7.9% Warrants 21.2M Wheaton Precious Metals 3.6% Exercise price C$0.45 avg. expire 20
Slide 13: A Compelling U.S. Gold Development Opportunity
Black Pine Gold Project A Compelling U.S. Gold Development Opportunity 1 Scale & Asset Quality Capital Efficiency & Economic Resilience • 4.04 Moz Probable Mineral Reserve1 • $411M initial capital | $2.4B after-tax NPV5%) at $3,250/oz Au • 202 koz/year in Years 15; 2.84 Moz over a • $1.2B after-ta
Slide 14: Appendix
= Va LIBERTY W SY SOLD
Slide 15: Our Leadership Team: Built for Development and Execution
Our Leadership Team: Built for Development and Execution Board of Directors Executive Leadership Greg Etter Jon Gilligan Joanna Bailey Brad Ralph Former senior executive at Former senior technical and Former PwC and Fronteer Kinross and Newmont across development roles at Torex, Gold finance profess
Slide 16: Simple, Large-Scale Development Configuration
Simple, Large-Scale Development Configuration Straightforward ROM heap-leach flowsheet supports capital efficiency and execution confidence 70.2% 1.341 74,200 tpd 433 Mt LOM Au RECOVERY STRIP RATIO LOM AVG ROM THROUGHPUT ORE PROCESSED LOM Schedule 80 350,000 70 300,000 Material Moved M Tonnes) 60
Slide 17: Has Advanced Since the 2024 PFS
Black Pine Has Advanced Since the 2024 PFS FS streamlines the ROM heap leach plan; higher gold price drives a larger reserve and production scale Gold Production Profile Metric 2024 PFS 2026 FS Change 300 3,000 Mineral Reserve1 3.11 Moz 4.04 Moz 30% 250 2,500 Mine Life 17 yrs 16 yrs 6% Cumulative
Slide 18: Gold Production & Cost Profile
Gold Production & Cost Profile Front-loaded output delivering 2.84 Moz payable gold over 16-year mine life 1.01 Moz 5-year 202 koz/yr 277 koz 177 koz/yr 1.63 Moz 10-year 2.84 Moz LOM Year 5 YEARS 15 AVERAGE YEAR 15 PEAK PRODUCTION LOM AVERAGE PAYABLE GOLD PRODUCTION Black Pine FS Project - Gold Pr
Slide 19: FS Capital & Operating Costs
Black Pine FS Capital & Operating Costs Simple run-of-mine heap leach holds operating cost to a competitive $8.98 per tonne Technically Straightforward Operation with Low Unit Operating Costs • Open pit, run-of-mine (no crushing, screening or agglomeration) heap leach operation with low LOM strip ra
Slide 20: FS Project Economics
Black Pine FS Project Economics Strong leverage to gold price upside & resilience to gold price downside Attractive Project Economics $6,000 After-tax NPV (5%) in $M 140% $3,250/oz Gold Base Case) $5,000 After-tax IRR 120% • $2,397 million after-tax NPV5% AFTERTAX NPV 5% US$M 100% $4,000 • 60.
Slide 21: Mineral Reserve and Resource Estimates & Sensitivities
Black Pine Gold Project Mineral Reserve and Resource Estimates & Sensitivities Tonnes Average Grade Gold Ounces Updated Mineral Reserve Estimate Reserve Class 1 Mt (g/t Au) Moz • Feasibility Oxide Mineral Reserve Estimate increased to 4.04 Moz Au Probable 433.3 0.29 4.04 Probable), using a cut-
Slide 22: Endnotes
Endnotes Black Pine Mineral Reserve Estimate Notes: • The Mineral Reserve estimate was prepared by Todd Carstensen RMSME, Principal Mining Engineer at AGP Mining Consultants Inc., Barrie ON, Canada AGP) and has an effective date of August 1, 2026. Mr. Carstensen is the Qualified Person responsible
Slide 23: Corporate Inquiries
Corporate Inquiries 604.632.4677 info@libertygold.ca TSXLGD | OTCQXLGDTF 610815 West Hastings Street Vancouver, BC V6C 1B4 libertygold.ca
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